Journalist
Posted:
- Solana’s volume was over $1.5 billion as of December 16.
- The TVL has increased significantly in recent weeks, reaching $1 billion.
Solana [SOL] recently surpassed Ethereum [ETH] for the first time in history in an important benchmark. This development highlighted the recent positive trends observed in the network and its token.
Solana tops the volume rankings
Based on an analysis of volume statistics on DefiLlama, Solana had the highest volume on December 16. This was a notable achievement considering the network size compared to Ethereum, which moved into second place.
Solana recorded over $1.5 billion, while Ethereum followed with around $1.1 billion. Solana also showed a positive weekly change of over 54% during that period.
Source: DefiLlama
However, according to the latest data, Ethereum regained the top position with a volume of more than $1.3 billion. On the other hand, Solana occupied the second spot with a volume of over $1 billion.
Notably, at the time of writing, these two networks were the only ones with volumes exceeding $1 billion.
Solana volume analysis
A deeper examination of Solana’s daily volume chart showed a consistent uptrend in recent weeks. This move marked the first sustained uptrend in daily volume for the network.
Since November, daily volume has consistently exceeded $300 million, with a notable increase in December. On December 15, Solana reached its highest daily volume ever, exceeding $1.2 billion.
The second highest volume of over $816 million occurred around December 8.
This emerging trend in daily volume positions Solana as a formidable competitor for the highest volume. Moreover, the Total Value Locked (TVL) has seen a substantial increase in addition to the volume.
Further analysis of the TVL shows that it has now crossed the $1 billion mark, according to the latest data. This was a significant jump from approximately $672 million at the beginning of the month.
So there was an addition of nearly $400 million in the past two weeks.
Read Solana’s [SOL] Price forecast 2023-24
SOL maintains a bull trend
In recent weeks, Solana has shown remarkable trends, increasing price levels not seen in more than a year. Despite some setbacks in recent days, the price has remained consistently within the $70 price range.
At the time of writing, the daily timeframe chart showed a trading value of around $72. Furthermore, the Relative Strength Index (RSI) showed that the bullish trend continued, with the RSI above 60 at the time of writing.
Source: TradingView